Tech City UK to deliver HM Treasury's fintech measures

Tech City UK, which aims to accelerate the growth of London and the UK’s digital economy, has announced that it will deliver two of HM Treasury’s newest fintech measures - a FinTech Delivery Panel and a FinTech Professional Services Hub.

The initiatives were originally announced by the previous Economic Secretary to the Treasury, Harriett Baldwin, at the Innovate Finance Global Summit in April 2016. They aim to increase competition in the market and lower barrier to entry for early startups, by helping businesses source the legal, accountancy and other professional services they require.

Tech City UK said that the primary objective of the FinTech Delivery Panel will be to drive fintech-specific policy recommendations, particularly those which need to be industry-led and will, therefore, benefit from cross-industry collaboration, through to fruition. It said that it intends to create a broad fintech community that will contribute ideas, suggestions and thoughts to the main panel, along with contributing to the delivery of the initiatives through task-and-finish groups where members wish to do so.

Tech City UK will run this initiative, ensuring that the panel identifies the key collaborative initiatives that are currently in the pipeline for UK FinTech; sets out a timeline for industry to deliver progress on these initiatives, including key industry milestones and deliverables; and supports the community in the delivery of these initiatives.

According to the official announcement, Eileen Burbidge, Chair of Tech City UK, has accepted the role of Chair of the panel as she is in a unique position as both the HM Treasury Special Envoy for FinTech and Chair of Tech City UK.

“I look forward to convening the new FinTech Delivery Panel in order to progress specific initiatives, and also that there will be a FinTech services hub to inform younger FinTech startups about relevant professional advisors. All of these new measures will undoubtedly add to the likelihood of the UK maintaining its position as the FinTech capital of the world”, she said.

In addition, the organization will also deliver a FinTech Professional Services Hub following an initial discovery phase to determine product-market fit and the optimal service for fintech companies regarding professional services.

Started in 2010, Tech City UK was launched by the UK Prime Minister David Cameron to support the East London tech cluster known as London Tech City or Silicon Roundabout. Since then, it has grown its support to Greater London, Manchester and other major cities around the UK.